Emergen research’s latest document, titled ‘Hydraulics Market’ is one of the most sought-after market reports involving an in-depth analysis of the global Hydraulics Market. The report’s authors have offered necessary details on the latest Hydraulics Market trends and the crucial parameters impacting both short-term and long-term market growth.
The global hydraulics market size reached USD 41.72 Billion in 2021 and is expected to register a revenue CAGR of 2.7% during the forecast period, according to latest analysis by Emergen Research. Rising trend of automation in various industries and increasing need for smart hydraulic equipment are key factors driving market revenue growth.
Continuous technological advancements in hydraulic systems such as more advanced valves, sensors, and actuators is another major factor expected to drive revenue growth of the global market. Using the benefits offered by hydraulic systems and incorporating with other innovative and enhanced technologies can help to monitor the equipment while it is in operation. This ensures smooth functioning of the equipment and makes it possible to predict equipment maintenance. The incorporation of electronics and software into hydraulics systems can aid in providing smarter solutions and this is can result in increasing trend of automation and connected devices. The trend to adopt smart hydraulic equipment in industrial automation is gradually increasing which is prompting the manufacturers to develop and launch new technologies in the market.
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The report additionally sheds light on the emerging growth opportunities in the business sphere that are anticipated to bolster the growth of the market.
Some Key Highlights from the Report
- Pump segment is expected to register a steady revenue growth rate over the forecast period due to increasing adoption of hydraulic pumps in lifting, lowering, and rotating components in various industrial operations. These pumps are mainly used to transform mechanical energy into hydraulic energy.
- Oil & gas segment is expected to register robust revenue growth rate over the forecast period owing to high demand for hydraulic systems in the oil & gas sector for various operations. Oil and gas drilling are energy-intensive operations that rely heavily on hydraulic systems. Hydraulic rigs are also useful in various oilfield applications such as well control, well service, and workovers process.
- Market in North America is expected to register significantly fast revenue growth rate during the forecast period. This can be attributable to rising number of construction activities in residential and commercial sectors as well as infrastructural developments in countries in the region, which is creating high demand for hydraulics equipment.
Some major companies operating in the global market report include Parker Hannifin Corporation, KYB Corporation, SMC Corporation, Bosch Rexroth AG, Danfoss Group, Eaton Corporation, Siemens AG, Komatsu Limited, Daikin Industries Ltd., and Kawasaki Heavy Industries Ltd.
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The report is an investigative study of the technological developments and product advancements, along with a regional analysis for each product and application offered in the market. The fundamental objective of the report is to give an insight into the workings of the Hydraulics industry.
Emergen Research has segmented the global hydraulics market on the basis of component, type, end-use, and region:
· Component Outlook (Revenue, USD Billion; 2019-2030)
· Type Outlook (Revenue, USD Billion; 2019-2030)
- Industrial Hydraulics
- Mobile Hydraulics
· End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Metal & Machinery
- Oil & Gas
The complete regional analysis covers:
- North America (U.S., Canada, Mexico
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Benefits of Purchasing Global Hydraulics Market Report:
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Finally, all aspects of the Hydraulics market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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